Nurses are now turning to high interest payday loans in a desperate bid to cover everyday expenses, with more than one in 20 taking one out in the last year.

One in four have borrowed money from friends or family and 23 percent now work at a second paid job to cover their bills.

The poll – of 7,720 nurses from across the UK – found that 56 percent had been forced to cut back on food and travel costs, 11 percent couldn’t pay their rent on time and almost three percent had relied on charities and food banks.

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Financial stress meant that almost 40 percent of NHS nurses are currently looking for a new job – that number is almost double the 24 percent seen 10 years ago.

The government has now agreed to scrap a pay cap on public sector workers for 2018 (Picture: AFP/Getty)

The College said it was ‘ludicrous’ that the NHS is losing staff because they cannot afford to pay their bills on their current wages.

It has released the findings of the poll ahead of next week’s Budget, imploring Chancellor Philip Hammond to address the issue of public sector pay.

The letter added: ‘Without sufficient investment in the NHS, social care and public health interventions, patients are at risk of avoidable harm and the future sustainability of the NHS is under threat.’

A Government spokeswoman said: ‘Public sector workers, including NHS staff, do a fantastic job and the Government is committed to ensuring they can continue to deliver world-class public services.

‘We have already confirmed that the across-the-board one percent public sector pay policy will no longer apply to pay awards for 2018-19.

‘Public sector pay packages will continue to recognise workers’ vital contributions, while also being affordable and fair to taxpayers as a whole.’